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Introduction-to-Marketing-PJNITE.pdf Flashcards
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Introduction-to-Marketing-PJNITE.pdf Flashcards
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What is the aim of marketing?
The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
What is a market?
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
How does Kotler define marketing?
According to Dr. Philip Kotler, marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
What is a simplified definition of marketing?
Simply put, marketing is the delivery of customer satisfaction at a profit.
What are the goals of marketing?
The goals of marketing are to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
What are core marketing concepts?
Core marketing concepts are the fundamental ideas that underpin the practice of marketing, including understanding customer needs, creating value, and exchanging products.
What are needs?
Needs are defined as physiological necessities required for human survival, such as food, clothing, and shelter.
What are wants?
Wants are desires for specific satisfiers of deeper needs; they are more psychological and indicate preferences that can improve the consumer's life condition.
How are needs and wants related?
Needs are few, while wants are many.
What are demands?
Demands are wants backed by the ability and willingness to buy.
What is market demand?
Market demand is the total demand of all potential customers for a specific product or service over a specific period in a specific market area.
What is potential demand?
Potential demand emerges when there is no demand yet for a particular product or service, but there exists a market with sufficient financial capability to purchase.
What is latent demand?
Latent demand results when customers in a market are unable to satisfy specific desires because no product or service exists in the market that can satisfy them.
What is current demand?
Current demand is defined as the number of people in a particular market at present that would actually purchase the product or service offered.
What is a product?
A product is anything that can be offered to someone to satisfy a need or want.
What are goods?
Goods refer to physical or tangible objects.
What are services?
Services refer to intangible objects.
What is an experience in the context of products?
Experience creates lasting impressions, shareable moments, and lifetime reminders.
What is value?
Value is the customer's estimate of the product's capacity to satisfy a set of goals, needs, or wants.
How is value calculated?
Value is the ratio between what the customer gets and what the customer gives.
What does VBC stand for?
VBC stands for Value Based Customer; it indicates that the customer gets benefits and assumes costs.
What is satisfaction?
Satisfaction is the measure of how well customer expectations from a purchased product or service have been met.
What happens when customer expectations and performance are satisfied?
When customer expectation performance is satisfied, the customer is satisfied.
What happens when customer expectations and performance are dissatisfied?
When customer expectation performance is dissatisfied, the customer is not satisfied.
What does it mean when customer expectations and performance are highly satisfied?
When customer expectation performance is highly satisfied, it indicates a very positive response from the customer regarding the product or service.
What is the definition of exchange?
Exchange is the act of obtaining a desired product by offering something in return.
What are the 5 conditions that must be satisfied for exchange to take place?
The 5 conditions are: a) Two parties should be there; b) Each party must have something of value to the other; c) Each party is capable of communication and delivery; d) Each party is free to accept or reject the offer; e) Each party believes that it is appropriate to deal with the other party.
What is a transaction?
A transaction is an agreement between a buyer and a seller to exchange assets for payment.
What does a transaction involve?
A transaction involves at least two things of value, agreed upon conditions, a time of agreement, a place of agreement, and a legal system of contract to avoid distrust.
How does a transfer differ from a transaction?
A transfer is one way, whereas a transaction involves an agreement between parties.
What constitutes a market?
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
What does the Production Concept assume in traditional marketing approaches?
The Production Concept assumes that consumers want products that are easily accessible and inexpensive.
What does the Production Concept thrive on?
The Production Concept thrives on the ability to increase output while decreasing costs.
What are the goals of the Production Concept in marketing?
The goals of the Production Concept are to expand distribution and improve production efficiency.
What is the Product Concept in traditional marketing approaches?
The Product Concept is the idea that consumers favor products that offer the best quality, performance, and features. Organizations should devote their energy to making continuous product improvements that articulate consumer preferences.
What is the aim of the Product Concept in marketing?
The aim of the Product Concept is to make superior products and improve them over time.
What is a potential drawback of the Product Concept?
The Product Concept is susceptible to marketing myopia.
What does the Selling Concept in traditional marketing assume?
The Selling Concept assumes that consumers are looking for aggressive sales and promotions from companies.
What is the aim of the Selling Concept?
The aim of the Selling Concept is to sell what the seller makes rather than making what the market wants.
What is the Marketing Concept in contemporary marketing approaches?
The Marketing Concept is the belief that companies must assess the needs of their consumers first and foremost, with the objective of providing solutions to the customers' actual or perceived problems.
What are the vital elements in the Marketing Concept?
The creation, communication, and delivery of value to the customer are vital elements in the Marketing Concept.
What is Relationship Marketing?
Relationship Marketing is about forming long-term relationships with customers by creating, maintaining, and updating an extensive customer database that profiles, tracks, and monitors customer preferences.
How does technology play a role in Relationship Marketing?
Technology, especially social media, plays an important role in Relationship Marketing.
What is the Societal Marketing Approach?
The Societal Marketing Approach is a relatively new marketing concept that highlights the needs and wants of a target market, delivering better value than competitors while also underscoring the importance of the well-being of customers and society as a whole.
What does the Societal Marketing Approach emphasize?
The Societal Marketing Approach emphasizes consumer welfare or societal welfare.
What does the Societal Marketing Approach encourage?
The Societal Marketing Approach encourages developing products that benefit society in the long run while satisfying consumers.
What is the goal of attracting customers?
The goal of attracting customers focuses on drawing potential customers' attention to a product or service.
What is the purpose of satisfying customers?
The purpose of satisfying customers is to ensure that the product or service meets their needs or solves a problem they have.
What does building customer loyalty involve?
Building customer loyalty involves creating a positive relationship with the customers so they prefer the company's products over competitors.
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